Text: Obama address on the economy in Kansas

Below is the full text of President Obama's address on the economy in Osawatomie, Kansas on December 6, 2011, as released by the White House.

THE PRESIDENT: Thank you, everybody. Please, please have a seat. Thank you so much. Thank you. Good afternoon, everybody.

AUDIENCE: Good afternoon.

THE PRESIDENT: Well, I want to start by thanking a few folks who've joined us today. We've got the mayor of Osawatomie, Phil Dudley is here. (Applause.) We have your superintendent Gary French in the house. (Applause.) And we have the principal of Osawatomie High, Doug Chisam. (Applause.) And I have brought your former governor, who is doing now an outstanding job as Secretary of Health and Human Services -- Kathleen Sebelius is in the house. (Applause.) We love Kathleen.

Well, it is great to be back in the state of Tex -- (laughter) -- state of Kansas. I was giving Bill Self a hard time, he was here a while back. As many of you know, I have roots here. (Applause.) I'm sure you're all familiar with the Obamas of Osawatomie. (Laughter.) Actually, I like to say that I got my name from my father, but I got my accent -- and my values -- from my mother. (Applause.) She was born in Wichita. (Applause.) Her mother grew up in Augusta. Her father was from El Dorado. So my Kansas roots run deep.

My grandparents served during World War II. He was a soldier in Patton's Army; she was a worker on a bomber assembly line. And together, they shared the optimism of a nation that triumphed over the Great Depression and over fascism. They believed in an America where hard work paid off, and responsibility was rewarded, and anyone could make it if they tried -- no matter who you were, no matter where you came from, no matter how you started out. (Applause.)

And these values gave rise to the largest middle class and the strongest economy that the world has ever known. It was here in America that the most productive workers, the most innovative companies turned out the best products on Earth. And you know what? Every American shared in that pride and in that success -- from those in the executive suites to those in middle management to those on the factory floor. (Applause.) So you could have some confidence that if you gave it your all, you'd take enough home to raise your family and send your kids to school and have your health care covered, put a little away for retirement.

Today, we're still home to the world's most productive workers. We're still home to the world's most innovative companies. But for most Americans, the basic bargain that made this country great has eroded. Long before the recession hit, hard work stopped paying off for too many people. Fewer and fewer of the folks who contributed to the success of our economy actually benefited from that success. Those at the very top grew wealthier from their incomes and their investments -- wealthier than ever before. But everybody else struggled with costs that were growing and paychecks that weren't -- and too many families found themselves racking up more and more debt just to keep up.

Now, for many years, credit cards and home equity loans papered over this harsh reality. But in 2008, the house of cards collapsed. We all know the story by now: Mortgages sold to people who couldn't afford them, or even sometimes understand them. Banks and investors allowed to keep packaging the risk and selling it off. Huge bets -- and huge bonuses -- made with other people's money on the line. Regulators who were supposed to warn us about the dangers of all this, but looked the other way or didn't have the authority to look at all.

It was wrong. It combined the breathtaking greed of a few with irresponsibility all across the system. And it plunged our economy and the world into a crisis from which we're still fighting to recover. It claimed the jobs and the homes and the basic security of millions of people -- innocent, hardworking Americans who had met their responsibilities but were still left holding the bag.

And ever since, there's been a raging debate over the best way to restore growth and prosperity, restore balance, restore fairness. Throughout the country, it's sparked protests and political movements -- from the tea party to the people who've been occupying the streets of New York and other cities. It's left Washington in a near-constant state of gridlock. It's been the topic of heated and sometimes colorful discussion among the men and women running for president. (Laughter.)

But, Osawatomie, this is not just another political debate. This is the defining issue of our time. This is a make-or-break moment for the middle class, and for all those who are fighting to get into the middle class. Because what's at stake is whether this will be a country where working people can earn enough to raise a family, build a modest savings, own a home, secure their retirement.

Now, in the midst of this debate, there are some who seem to be suffering from a kind of collective amnesia. After all that's happened, after the worst economic crisis, the worst financial crisis since the Great Depression, they want to return to the same practices that got us into this mess. In fact, they want to go back to the same policies that stacked the deck against middle-class Americans for way too many years. And their philosophy is simple: We are better off when everybody is left to fend for themselves and play by their own rules.

I am here to say they are wrong. (Applause.) I'm here in Kansas to reaffirm my deep conviction that we're greater together than we are on our own. I believe that this country succeeds when everyone gets a fair shot, when everyone does their fair share, when everyone plays by the same rules. (Applause.) These aren't Democratic values or Republican values. These aren't 1 percent values or 99 percent values. They're American values. And we have to reclaim them. (Applause.)

You see, this isn't the first time America has faced this choice. At the turn of the last century, when a nation of farmers was transitioning to become the world's industrial giant, we had to decide: Would we settle for a country where most of the new railroads and factories were being controlled by a few giant monopolies that kept prices high and wages low? Would we allow our citizens and even our children to work ungodly hours in conditions that were unsafe and unsanitary? Would we restrict education to the privileged few? Because there were people who thought massive inequality and exploitation of people was just the price you pay for progress.

Theodore Roosevelt disagreed. He was the Republican son of a wealthy family. He praised what the titans of industry had done to create jobs and grow the economy. He believed then what we know is true today, that the free market is the greatest force for economic progress in human history. It's led to a prosperity and a standard of living unmatched by the rest of the world.

But Roosevelt also knew that the free market has never been a free license to take whatever you can from whomever you can. (Applause.) He understood the free market only works when there are rules of the road that ensure competition is fair and open and honest. And so he busted up monopolies, forcing those companies to compete for consumers with better services and better prices. And today, they still must. He fought to make sure businesses couldn't profit by exploiting children or selling food or medicine that wasn't safe. And today, they still can't.

And in 1910, Teddy Roosevelt came here to Osawatomie and he laid out his vision for what he called a New Nationalism. "Our country," he said, "...means nothing unless it means the triumph of a real democracy...of an economic system under which each man shall be guaranteed the opportunity to show the best that there is in him." (Applause.)

Now, for this, Roosevelt was called a radical. He was called a socialist -- (laughter) -- even a communist. But today, we are a richer nation and a stronger democracy because of what he fought for in his last campaign: an eight-hour work day and a minimum wage for women -- (applause) -- insurance for the unemployed and for the elderly, and those with disabilities; political reform and a progressive income tax. (Applause.)

Today, over 100 years later, our economy has gone through another transformation. Over the last few decades, huge advances in technology have allowed businesses to do more with less, and it's made it easier for them to set up shop and hire workers anywhere they want in the world. And many of you know firsthand the painful disruptions this has caused for a lot of Americans.

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[AlexandriaDumas]

The President says, "It's heartbreaking enough that there are millions of working families in this country who are now forced to take their children to food banks for a decent meal."

Another lie from the food stamp President.

[AlexandriaDumas]

The President says, "Long before the recession hit, hard work stopped paying off for too many people."

This is a lie. Hard work ALWAYS pays off. This is pandering to the victim class and real Americans are NOT victims. It is beyond contemptible for the President of the United States to speak in this manner.

[AlexandriaDumas]

The President says, " . . . we're cutting programs that we don't need to pay for those we do."

Does anyone know what he's talking about? What programs are being cut? Anybody?

Didn't think so. Another lie from the Liar in Chief.

[starleys]

"build a modest savings, own a home and secure their retirement." So he says. But the democrats forced banks to make loans to people above what they could afford. Not surprising they defaulted. Now he defunds social security thru his Payroll Tax Cut. And stole 500 billion from medicare for his health plan. And the continual spending will destroy the economy and the "modest savings" through inflation or government insolvency.


How about lower taxes for everybody instead of raising taxes. Eliminate our "tax expenses" by cutting unnecessary agencies, expensive regulations, and unnecessary programs. I do not want the government deciding what I want anymore than I would want a stranger making my menu or picking my entertainment.


Who owns these corporations? Your grandmother, your retirement account. You and me. The stockholders. So lets raise taxes on these corporations and decrease their profits. Yeah, let's tax ourselves!!! and kill our retirements and investments.


I am a truck driver. New regulations planned for the near future will increase transportation costs a MINIMUM of 10% and require more drivers and trucks on our highways. That will affect every product you buy including food, fuel, housing, etc...


No Mr Obama, please do not help me.

[bill3801]

In case you haven't noticed your taxes are lower today than under George Bush. Would you be more specific about the agencies, regulations, and programs you want eliminated?

[Jahzera]

It absolutely amazes me how the GOP continues to place responsibility for the economic meltdown America encountered as a direct result of the deregulation and corruption which took place during a time the GOP both controlled Congress and held the Presidential seat. The meltdown began pre-Obama. How is this forgotten? We were already feeling the beginnings of its many to come pangs.

It'll take much more than 1 Presidential term to recover from their damage. And yet they continue, the belief firmly in place the American public is completely blind to where their trying to take this country.
The most recent insult an assault on the child labor protection laws of this country. Citing poor children need a place ot be on time. Poor or not they have one! Its called school and their job it to get an education.

China and India recognized this and switched to a lasar focus on educating their population. The low cost labor big businesses in America enjoyed the fruits of has dwindled as a result. Now their eyeing our kids as replacements! How dare they!!!!!!

I was a 30 year registered die hard Republican until the last decade. More and more I don't recognize the Republican party ideals. Its not that I can't see the final direction their proposing to take this country bit by bit. I can and thats what has me more disgusted with the GOP than I can ever remember being.
I read the top stratigist for the GOP has tutored Republican Governors to use other terms rather than Capitalism because its the new dirty word, kudos to OWS.
Capitalism itself ins't bad at all. Adam Smith, the Godfather of Capitalism and author of Wealth of Nations, would turn in his grave to see the mockery the GOP has made of it today.
Its little wonder they don't want the term used anymore. What their presenting is anything but.

[JoeZuckersuck]

When I think about the tens of millions he's taken from Wall Street to fund his campaign, I begin to feel sorry for the left wingers who so often use the word hypocrisy, obviously without understanding its meaning.

When I think about the hundreds of millions he re-paid to those who supported him last year through Dept of Energy guaranties, I feel frustrated that we have such a huge segment of our society unable to grasp the significance of pay offs for favors rendered.

When I hear Obama talking about the injustices happening in our country, I just want to ask him where he was for 75% of his Presidency.

Where was he when we racked up as much of a deficit increase in three years as Bush did in 8?

Where was he when our debt was downgraded for the first time in history?

Where was he when we reached record numbers of bankruptcies, foreclosures, and unemployment?

Where was he when we doubled the number of uninsured after signing Obamacare?

He knows right where he is today. He's got months to go to try to keep his job. His biggest problem is that running on his record would be politically fatal.

So the new ploy is to convince the millions of unemployed, that he's created, to look to the wealthy for an extension of their free ride. That if the wealthy don't pony up, it's their fault that the poor are hungry.

Of course the billions wasted on his green crusade won't be available for the poor.

So poor and middle class, Obama last campaigned on a platform of fixing things for all of America.....all of America has suffered greatly for his actions. He has now singled you out for special attention.

You have a millionaire living a billionaire life style telling you he's looking out for your best interests while at the same time defunding Social Security and increasing your health care costs.

Good luck.

[bill3801]

Great nickname, Joe. Where were the Republicans during this time and the decades immediately preceding this one?

[JoeZuckersuck]

When I think about the tens of millions he's taken from Wall Street to fund his campaign, I begin to feel sorry for the left wingers who so often use the word hypocrisy, obviously without understanding its meaning.

When I think about the hundreds of millions he re-paid to those who supported him last year through Dept of Energy guaranties, I feel frustrated that we have such a huge segment of our society unable to grasp the significance of pay offs for favors rendered.

When I hear Obama talking about the injustices happening in our country, I just want to ask him where he was for 75% of his Presidency.

Where was he when we racked up as much of a deficit increase in three years as Bush did in 8?

Where was he when our debt was downgraded for the first time in history?

Where was he when we reached record numbers of bankruptcies, foreclosures, and unemployment?

Where was he when we doubled the number of uninsured after signing Obamacare?

He knows right where he is today. He's got months to go to try to keep his job. His biggest problem is that running on his record would be politically fatal.

So the new ploy is to convince the millions of unemployed, that he's created, to look to the wealthy for an extension of their free ride. That if the wealthy don't pony up, it's their fault that the poor are hungry.

Of course the billions wasted on his green crusade won't be available for the poor.

So poor and middle class, Obama last campaigned on a platform of fixing things for all of America.....all of America has suffered greatly for his actions. He has now singled you out for special attention.

You have a millionaire living a billionaire life style telling you he's looking out for your best interests while at the same time defunding Social Security and increasing your health care costs.

Good luck.